Cabinet approves promulgation of Companies (Second Amendment) Ordinance 2019

The Cabinet has approved the promulgation of the Companies (Second Amendment) Ordinance 2019 and its replacement in Parliament by a replacement Bill, said Finance Minister Arun Jaitley on Tuesday.It is based on the recommendations of the Committee to review offenses under the Companies Act, 2013, so as to fill critical gaps in the corporate governance and compliance framework as enshrined in the Companies Act 2013, while simultaneously extending greater ease of doing business to law-abiding corporates.Briefing media persons after the Cabinet meeting, Jaitley said: "We had a detailed meeting of Cabinet today. We discussed the four Bills which we passed in the Lok Sabha. We have approved the Promulgation of the Companies (Second Amendment) Ordinance 2019, Indian Medical Council (Amendment Second Ordinance-2019) and an additional DA of 3 per cent over the existing rate of 9 per cent to government employees and dearness relief to pensioners from January 1, 2019."A bill to replace the ...